{"id":69757,"date":"2023-10-11T17:58:02","date_gmt":"2023-10-11T09:58:02","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=69757"},"modified":"2023-10-12T12:37:48","modified_gmt":"2023-10-12T04:37:48","slug":"lowest-application-rates","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/lowest-application-rates\/","title":{"rendered":"October BTO exercise witnesses the lowest application rates in recent years"},"content":{"rendered":"
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Image credit: HDB<\/em><\/p>\r\n

In the housing landscape of Singapore, the October Build-To-Order (BTO) exercise, which unfolded from the 4th to the 10th, made headlines for an unexpected reason: it witnessed the lowest application rates in years, a phenomenon not seen since 2017.<\/p>\r\n\r\n\r\n\r\n

This article explores the nuances and reasons behind this muted turnout.<\/p>\r\n\r\n\r\n\r\n

What happened during the October BTO exercise?<\/strong><\/h2>\r\n\r\n\r\n\r\n

During the October BTO exercise, a total of 9,848 applicants eagerly applied for the 6,800 new BTO flats offered by the Housing and Development Board (HDB).<\/p>\r\n\r\n\r\n\r\n

Astonishingly, the application rate stood at 1.4 applicants for each available unit, marking one of the lowest rates recorded in recent years. The last time the overall BTO application rates fell below two times was in November 2017, a stark contrast to the relatively healthy subscription rates witnessed between February 2021 and May 2023, ranging from 2.5 to 8.1 times.<\/p>\r\n\r\n\r\n\r\n

To put this into perspective, the February 2023 exercise, featuring 4,428 flats, attracted over 16,000 applicants, while the May 2023 exercise<\/a>, with 5,495 flats, garnered interest from more than 20,000 potential homeowners.<\/p>\r\n\r\n\r\n\r\n

Read more:\u00a0<\/strong>10,000 down and 13,000 more HDB BTO flats to launch for 2023<\/a><\/p>\r\n\r\n\r\n\r\n

\"Among<\/a><\/figure>\r\n\r\n\r\n\r\n

The take-up rates<\/b><\/h2>\r\n\r\n\r\n\r\n

Among first-timer families, the most sought-after options were the five-room and three-generation flats.<\/span><\/p>\r\n\r\n\r\n\r\n

The application rate for these units was 1.6, indicating a decent interest in these living spaces. However, for four-room flats, the application rate ranged from 0.8 to 1.0 times, <\/a>suggesting a more reserved response from prospective buyers.<\/span><\/p>\r\n\r\n\r\n\r\n

On the other hand, second-timer families exhibited elevated application rates, especially for five-room flats in Tengah<\/a> and Choa Chu Kang<\/a>, which experienced rates of 27.0 and 15.3 times, respectively.<\/span><\/p>\r\n\r\n\r\n\r\n

Tengah emerged as the hotspot, particularly for five-room flats, with an application rate of 27.0 times among second-timer families.<\/span><\/p>\r\n\r\n\r\n\r\n

Contrastingly, Kallang Whampoa<\/a>, featuring the Prime Location Public Housing (PLH)<\/a> project Verandah @ Kallang, had the lowest application rate at 1.3 for the 2,922 flats launched, indicating a less fervent response in this locale.<\/span><\/p>\r\n\r\n\r\n\r\n

Read more:<\/strong>\u00a0October BTO exercise: Prime projects in Kallang and Tanglin Halt<\/a><\/p>\r\n\r\n\r\n

Properties for you<\/h4>\n
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